Energy Transfer: Transitioning Into A Self-Funded Model [Seeking Alpha]
Brookfield Property Partners LP (BPY)
US:NYSE Investor Relations:
bpy.brookfield.com/en
Company Research
Source: Seeking Alpha
SummaryEnergy Transfer is heading in the right direction towards a self-funded model.With a healthy common distribution coverage in excess of 1.85x, each quarter Energy Transfer is left with more than $700M after distribution payments.Growth capex is expected to scale down leading to positive free cash flow in 2021 ownards.The major risk is whether ET will face hits on its revenue backlog due to bankruptcies in the oil & gas space and/or opportunistic contract renegotiations.Given the high distribution coverage, there is some room for revenue hits, but it all depends on the magnitude.Despite the dramatic collapse in oil, Energy Transfer (ET is trying to portray the image of 'business as usual', keeping thequarterly cash common distribution intact at $0.305 per unitThe energy space is under unprecedented turmoil, on the verge of collapse due to the coronavirus pandemic and global crude glut. The OPEC+ agreement failed to stabilize the market and the great oil collapse continues, with o
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